New Residential Sales, US Census and HUD report 09/26/2011

The US Census and HUD (Department of Housing and Development) released this morning the August 2011 New Residential Sales Report. (Sold, New Construction)

The headlines are reading: “New Residential Sales down 2.3% for August 2011.”   Which is a true statement on a national statistic.  Unfortunately they don’t break these figures down by County, City or State.  They do however break it down by Region.  Below is a graph I produced from this report showing the Midwest Region.

As a region, we fared much better than the rest of the nation.  The Midwest Region had an 8.2% increase from July 2011 to August 2011 and a 65.6% increase from August 2010 to August 2011 in New Residential Sales.  The midwest region was the only region that saw growth.

This is a good sign for our market.



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5 responses to “New Residential Sales, US Census and HUD report 09/26/2011

  1. Great data Craig! Does the local builders association release stat’s about the metro area? I would be very curious to see how we’re doing locally.

    • Thanks Michael, I agree – the more local the information can get the more accurate it is…
      BATC releases monthly building permits and economic indicators, they do a great job. They pull some of their information on building permits from Keystone Reports, a great source of information if you are a subscriber…
      Here is their September 2011 HotSheet:
      I haven’t been posting these, not sure why. I do read them when they come out…

      Locally, our hottest markets are Plymouth and Woodbury for new construction. Eagan, Lakeville are picking up speed and doing well also.

      • When I use to sell new construction my builder would get the Keystone report, great information. But I think it’s expensive to be a subsriber, you would know better than me. Is it the Plymouth area that has Wayzata Schools?

      • Wayzata Schools is a big factor, but Osseo school district in Plymouth is doing very well too. I’ve done detailed market studies on both, but those reports are for clients (builders) in the area – so I won’t publish the findings (in similar fashion to how your Appraisals are confidential).
        It also has a lot to do with the builders in that market area. The builders that are there are extremely good builders doing everything right in the way of product, price, place, and promotion, which is helping create additional demand.
        One of the great things that is coming out of this market correction is that Builders, Realtors, Appraisers, and Mortgage brokers that are surviving this are going to higher level of knowledge, service and professionalism.

      • You were a new construction guy? No wonder why you have such a great understanding of the market! Where did you sell?

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